Vulcan Steel - A Long Trek Through the Trough
Vulcan Steel's (VSL) trading update highlighted near-term volume and margin pressure has continued to a greater degree than we had forecast.
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Vulcan Steel - FY24 Result — Steely Resolve
Vulcan Steel (VSL) reported an unsurprisingly soft FY24 result. 2H24 volumes were broadly in line with expectations, but margins were weaker.
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Vulcan Steel - Solid Steel Price, Down to Neutral
We downgrade Vulcan Steel (VSL) to NEUTRAL from OUTPERFORM. This reflects: (1) VSL now trading in-line with our view of fair value and peer multiples
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Vulcan Steel - Hybrid Sites — A Strong Alloy
Vulcan Steel (VSL) has a history of purchasing underperforming businesses and turning them into good ones, with the Ullrich acquisition in 2022...
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Vulcan Steel - Through the Trough, up to OUTPERFORM
The 1H24 result was above expectations, with volumes ahead and gross profit dollar per tonne (GP$/t) more robust than anticipated.
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